Title
Resolution relative to adopting a new policy on Post-Issuance Debt Compliance for inclusion in the City of West Allis Policies & Procedures Manual.
Body
WHEREAS, the City of West Allis has recently issued new tax-exempt Build America Bonds (BABs); and,
WHEREAS, the Internal Revenue Service (IRS) is responsible for enforcing the Internal Revenue Code and other regulations with respect to said BABs; and,
WHEREAS, the IRS expects issuers to adopt and implement Post-Issuance Debt Compliance policies and procedures to safeguard again post-issuance violations; and,
WHEREAS, the City of West Allis currently does not have such a policy and it is in the City's best interest to adopt such a policy to help ensure compliance.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that the attached Post-Issuance Debt Compliance policy be and is hereby approved for inclusion in the City's Policies & Procedures Manual.
BE IT FURTHER RESOLVED that the City Administrative Officer, Clerk/Treasurer is authorized and directed to include such policy in the City of West Allis Policies & Procedures Manual and distribute said policy to appropriate departments and officials.
ADM\ORDRES\ADMR391